The evolving consumer habits, omnichannel and personalization focus areas have led to the generation of a large amount of data for businesses of all sizes. Data has become the most valuable asset, and Indian companies have been conscious of using data effectively to achieve their business goals.
According to the recently released second edition of the MMA-EY consumer data survey 2022, titled Leveraging Consumer Data for Marketing, there has been a significant rise in the number of Indian marketers using consumer data for marketing activities. In 2022, the number of marketers leveraging consumer data increased to 54% compared to 42% in 2021.
The survey was conducted among 170 CEOs and CMOs across industries to understand data usage, gaps, and other challenges. Analytics and data science emerged as two competencies marketers prioritized to stay ahead of their competitors. Nearly 78% of marketers noticed an improvement in marketing efficiency by leveraging consumer data. Data collection, consumption, and processing have increased exponentially across industries over the last few years. The report added that 57% of organizations utilized consumer data more optimally, whereas 56% of Indian marketers had gaps in consumer data leading to difficulties in data-driven decision-making.
The report also highlights critical concerns, like the fact that around 50% of marketers only consider three to four uses out of the 17 possible uses of the collected customer data for business purposes. As most marketers recognize the value of data and its role in business processes, there is a need to create a robust attribution model for its practical usage.
The rising importance of data management makes it imperative for various businesses to rely on business intelligence platforms that can derive valuable insights and improve overall marketing performance.
According to Mr Naren Vijay, EVP – Growth, Lumenore, “Using a data analytics and business intelligence platform, businesses must capture and use data effectively to create a marketing strategy that works for the brand. With the right set of insights by collecting data seamlessly, an organization is better placed to increase the use of data in day-to-day operations. The focus should be on reducing data silos by connecting various data sources and managing data integration irrespective of the diverse sources, formats, and types. Lumenore helps marketers develop customized client experiences by centralizing all data and obtaining precise marketing intelligence in one robust platform.”
Among the several industries, the automotive industry is the most active in using consumer data at 80%, followed by e-commerce at 75% and media and entertainment at 64%. Around 48% of the marketing budget was spent on brand building by consumer packaged goods, while healthcare and pharmaceutical organizations spent 46%. Companies from the automobile, education, technology, and travel & hospitality industries spent over half their marketing budget on performance and growth.
Using personalized recommendations to make better decisions from a large data set is critical for any business. With business intelligence solutions powered by AI, organizations can make quicker and better decisions. By doing this, companies harness the full potential of data-driven strategy and ensure that the most relevant information is considered when making decisions.
